Revenue and Profitability - Revenue for the six months ended September 30, 2021, was approximately HK$156.0 million, representing an increase of approximately 48.4% compared to approximately HK$105.1 million for the same period in 2020[11]. - Loss for the period was approximately HK$18.7 million, a significant decrease of approximately 67.4% from approximately HK$57.3 million in the same period last year[11]. - Loss per share was approximately HK1.6 cents, compared to approximately HK5.7 cents for the six months ended September 30, 2020[11]. - The total comprehensive expenses for the period were approximately HK$18.7 million, reflecting improved operational efficiency[11]. - The Group's banquet services saw an increase in demand due to the easing of restrictions, contributing to the overall revenue growth[14]. - Revenue from Chinese restaurant operations for the six months ended 30 September 2021 was HK$150,611,000, representing an increase of 43.3% compared to HK$105,090,000 in the same period of 2020[155]. - The company reported a loss attributable to owners of HK$18,684,000 for the six months ended September 30, 2021, compared to a loss of HK$57,295,000 in the same period of 2020, indicating a 67.4% improvement[185]. - Basic loss per share decreased to HK$1.62 for the six months ended September 30, 2021, down from HK$5.73 in 2020, reflecting a 71.7% reduction in loss per share[185]. Operational Performance - The increase in revenue was primarily due to the relaxation of social distancing measures by the Hong Kong Government, which allowed for a higher number of guests for dining and banquet services[22]. - The Group operated 11 restaurants at the end of the period, unchanged from the beginning of the period, after closing 3 restaurants in the previous year[21]. - Staff costs increased by approximately 22.3%, from approximately HK$44.0 million for the six months ended 30 September 2020 to approximately HK$53.8 million for the Period[28]. - Property rentals and related expenses decreased by approximately 58.5%, from approximately HK$26.5 million for the six months ended 30 September 2020 to approximately HK$11.0 million for the Period[34]. - The Group had approximately 311 employees as at 30 September 2021, an increase from 280 employees as at 31 March 2021[55]. - The Group's cash and cash equivalents were approximately HK$150.6 million, an increase from HK$147.5 million as of 31 March 2021[43]. Financial Position - Total borrowings amounted to approximately HK$67.8 million as at 30 September 2021, compared to HK$64.0 million as of 31 March 2021[46]. - The Group's gearing ratio was approximately 211.2% as at 30 September 2021, up from 125.9% as of 31 March 2021[47]. - As of September 30, 2021, total assets less current liabilities amounted to HK$263,700,000, a decrease from HK$314,412,000 as of March 31, 2021, representing a decline of approximately 16.2%[127]. - Current liabilities increased to HK$224,047,000 from HK$221,598,000, indicating a slight rise of about 2.1%[128]. - The company's net assets were reported at HK$32,096,000, down from HK$50,780,000, indicating a decrease of approximately 36.8%[128]. - The Group's net current liabilities amounted to approximately HK$31,844,000 as of September 30, 2021[140]. Shareholder Information - As of September 30, 2021, Mr. Chan Shou Ming holds 662,500,000 shares, representing 57.61% of the company's total shareholding[96]. - Ms. Chen Xiao Ping owns 22,500,000 shares, accounting for 1.96% of the company's total shareholding[96]. - The entire issued shares of Agile Valley Limited are owned by Mr. Chan Shou Ming, who is deemed to be interested in all shares held by the company[103]. - The company has not engaged in any arrangements allowing directors or chief executives to hold interests in shares or debentures of the company[98]. - The Group maintained a sufficient public float of at least 25% of the issued shares during the period[66]. Dividends and Capital Management - The Group does not recommend the payment of any interim dividend for the period[11]. - The Board does not recommend payment of an interim dividend for the period[77]. - The net proceeds from the Listing amounted to approximately HK$92.73 million, with HK$36.8 million fully utilized for general capital to support operations[67]. - As of September 30, 2021, 76.1% of the net proceeds were allocated to opening restaurants, with HK$70.56 million planned for this purpose[75]. Other Financial Metrics - Other income decreased by approximately 88.1%, from approximately HK$29.3 million for the six months ended 30 September 2020 to approximately HK$3.5 million for the Period[25]. - Cost of inventories consumed increased by approximately 51.3%, from approximately HK$26.3 million for the six months ended 30 September 2020 to approximately HK$39.8 million for the Period, with the cost as a percentage of revenue remaining stable at 25.5%[27]. - Total finance costs decreased to HK$4,442,000 in 2021 from HK$7,703,000 in 2020, reflecting a reduction of 42.9%[163]. - The group did not receive any government subsidies for the six months ended 30 September 2021, compared to HK$22,919,000 in the same period of 2020[173]. - The company recorded no impairment loss on property, plant, and equipment for the six months ended September 30, 2021, compared to an impairment loss of HK$3,979,000 in 2020[188].
维力生活科技(01703) - 2022 - 中期财报